Vietnam raked in an estimated 6.42 billion USD from forestry product exports in the first half of 2023, down 28.8% year on year, according to the Department of Forestry under the Ministry of Agriculture and Rural Development.

The revenue, equivalent to 36% of this year’s target, comprises 5.96 billion USD worth of wood and wood products and 455.7 million USD in non-wood items, respectively falling 29% and 26.2%.

That also resulted in a trade surplus of 5.32 billion USD, or 70% of the figure in the same period of 2022, statistics showed.

The Department of Forestry said that the global economy continues to struggle with numerous difficulties. High inflation in some developed countries, especially such main markets as the US and the EU, has forced their governments to tighten monetary policies, and consumers to fasten their belts. That has made it hard for exporters to seek and fulfill orders.

Meanwhile, the prolonged Russia - Ukraine conflict has led to high logistics and input costs. Some countries’ continuation of protectionism policies to defend domestic industries has also impacted the trade of Vietnamese wood products.

To reach the target of about 17.5 billion USD from forestry product exports and a growth rate of some 5% in the forestry sector’s added value, the sector will press ahead with effectively implementing strategies, plans, and programmes, especially the forestry development strategy for 2021 - 2030 with a vision to 2050, the sustainable forestry development programme for 2021 - 2025, and the plan to restructure the sector for 2021 - 2025.

It will continue to take measures to sustainably develop the processing of wood and non-wood forestry products, and coordinate with relevant parties in preventing trade frauds and controlling wood imports from high-risk countries.

The department will build response plans for different scenarios to achieve this year’s targets while developing export markets in line with international law and the signed agreements, it added.

VNA